Actuarial Notes

Actuarial Mathematics for Life Contingent Risks

By David C. M. Dickson, Mary R. Hardy and Howard R. Waters · Cambridge University Press · 2020

Study guides: Exam FAM, Exam ALTAM

A textbook on the modern mathematics of life insurance, suitable for advanced undergraduate and graduate students of actuarial science, trainee actuaries preparing for professional examinations and life insurance practitioners. Cambridge University Press describes the third edition as substantially updated, with topics including multiple state models, cash-flow projection methods and option theory, numerous exam-style questions, and extensive use of Excel. It is a hardback of 782 pages with 300 exercises and 160 worked examples, and the publisher calls it the required text for the Society of Actuaries' LTAM exam.

On the syllabus

  • Exam FAM — Chapter 1; Chapter 2; Chapter 3 (except Sections 4, 10, 11, 12); Chapter 4; Chapter 5; Chapter 6; Chapter 7 (Sections 1-3 [except 2.4, 2.5], 7, 8); Chapter 16. Exercises are considered part of the required readings.
  • Exam ALTAM — Chapter 3 (Sections 4 and 10); Chapter 7 (Sections 2.4 and 4); Chapter 8; Chapter 9; Chapter 10; Chapter 11 (except section 12); Chapter 13 (except section 8); Chapter 14; Chapter 15 (sections 1-3); Chapter 17; Chapter 18 (Sections 5 and 6) [Note: sections 1 through 3 are background only]. Exercises are considered part of the required readings.

Contents unavailable The book's full table of contents could not be read: Cambridge's front-matter PDF could not be fetched, and its book pages and Google Books list only some of the chapter titles, without chapter numbers. This page records its citation and assignment from the syllabus, and its description from the publisher.

Related readings

  • ALTAM-21-23 - Variable Annuity Guarantees — written to be read with Chapter 15 of this book

Sources